BUSINESS BRIEFING / BANKING

Citigroup CEO's salary is set at $1

Citigroup Inc. Chief Executive Vikram Pandit will be paid a salary of $1 this year and will get no stock awards as the troubled banking giant shrinks under part-government ownership, a regulatory filing said.

The bank's compensation directors did approve an increase in the 2009 annual base salary for Chief Financial Officer John Gerspach to $500,000 from $400,000, and for James Forese, co-head of global markets, to $475,000 from $225,000.

The decisions were approved by Kenneth Feinberg, the government's "pay czar."